In life or investments, choose what works for 'You'

RM Vishakha

In the past, we have delved on the metamorphosis in the way insurers are engaging with people through different mediums, with the change in the mind-set of customers. Today, you have anytime-anywhere access (online/offline) to engage with insurers for a host of services & timely assistance. Through communications that hits home with one and all, insurers are also dabbling in creative ways to take the 'boring' out of personal risk management.

The insurance industry has also been agile in keeping up with the evolving customer demands through innovative products, processes and people connect.

More than ever, instant gratification dictates how we rate our experience with brands across all categories. And so, we keenly addressed how this paradigm has influenced even the insurance domain, through automated and simplified processes.

Given the fact that investment decisions are subjective, financial service providers are also diversifying and creating innovative avenues and means for varied customer requirements.

Let’s consider the decision of buying your own house that used to be akin to 'Arriving in life', once upon a time. Today, there are many who hail this as an impractical investment decision. Once an unquestioned call, this is an 'emotional decision vs commercial decision' debate whose arguments would differ based on your personal outlook, definition of 'stability', priorities etc. Similarly, decisions around saving through life insurance too, is a matter of suitability.

You could also choose your own route towards building your dynamic assets choosing from gold, stocks, linked/non-linked insurance and mutual funds, to real estate. In addition, you have financial companies offering options such as DIY (Do-it-yourself), 'Leave it to us' or 'joint management', to support with managing these (all of which come with their own trade-offs).

The take-home from above-mentioned is, a conscious, 'what’s-right-for-Me' approach should be the compass guiding your investment choices. Individuals need to evaluate the relevance of a given product proposition, study all its features and be 100% convinced in their choice. An evaluation of your preference to guaranteed returns, your willingness for the risk return trade off, your financial discipline to stick to savings through a flexible payment plan have all to be considered when deciding on the choice of investment.

Investment plan is much like that dairy-free diet plan you may be considering. For every article slamming inclusion of milk products in your diet, there will be couple others advocating dairy as a must for balanced nourishment. The decision is basis what works for you! In life or investments, the same logic applies. We’ve done our best to equip you with information to help shape your investment insight. It’s now up to you to arrive at what is best for you.

The writer is MD & CEO, IndiaFirst Life Insurance